Dynamically selecting sending and receiving accounts
First Claim
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1. A computer-implemented method performed on one or more computing devices, the method comprising:
- receiving, using the one or more computing devices, a fund transfer request from a sender, wherein the fund transfer request requests a fund transfer that transfers a predetermined amount of funds from the sender to a receiver;
identifying, using the one or more computing devices, a sender financial account associated with the sender;
wherein the sender financial account is associated with a plurality of holding accounts;
wherein the plurality of holding accounts are associated with a plurality of financial institutions;
wherein every holding account of the plurality of holding accounts is capable of performing the fund transfer;
identifying, using the one or more computing devices, a receiver financial account associated with the receiver, wherein the receiver financial account is associated with a receiver financial institution;
based on information obtained from the sender, the one or more computing devices collecting, from one or more sources other than the sender, information required by algorithms, contained in a software system executing on the one or more computing devices, to determine an optimal holding account from among the plurality of holding accounts;
wherein the one or more sources include at least one of;
a database located on a server accessible to the one or more computing devices;
orcomputer systems of one or more third-party providers;
wherein the information required by the algorithms and collected by the one or more computing devices includes (a) amount of time to complete the fund transfer using each holding account of the plurality of holding accounts, (b) geographic location associated with each holding account of the plurality of holding accounts, or both (a) and (b);
employing the algorithms, contained in the software system executing on the one or more computing devices, to determine an optimal holding account from among the plurality of holding accounts;
in response to determining the optimal holding account, automatically selecting, using the one or more computing devices, the optimal holding account to be a target holding account to service the fund transfer request; and
transferring, using the one or more computing devices, the predetermined amount of currency associated with the fund transfer request, from the target holding account to the receiver financial account.
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Abstract
A computer implemented system for optimizing the transfer of funds from an account holder to an associate is disclosed. The system uses digitally stored logic to identify the geographic location of a first financial institution involved in the transaction. The system dynamically selects from a plurality of financial institutions a second financial institution which is located near the first financial institution to be involved in the transaction. Selecting a second financial institution nearby the first financial institution facilitates the transaction and reduces the time transaction funds are unavailable.
62 Citations
20 Claims
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1. A computer-implemented method performed on one or more computing devices, the method comprising:
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receiving, using the one or more computing devices, a fund transfer request from a sender, wherein the fund transfer request requests a fund transfer that transfers a predetermined amount of funds from the sender to a receiver; identifying, using the one or more computing devices, a sender financial account associated with the sender; wherein the sender financial account is associated with a plurality of holding accounts; wherein the plurality of holding accounts are associated with a plurality of financial institutions; wherein every holding account of the plurality of holding accounts is capable of performing the fund transfer; identifying, using the one or more computing devices, a receiver financial account associated with the receiver, wherein the receiver financial account is associated with a receiver financial institution; based on information obtained from the sender, the one or more computing devices collecting, from one or more sources other than the sender, information required by algorithms, contained in a software system executing on the one or more computing devices, to determine an optimal holding account from among the plurality of holding accounts; wherein the one or more sources include at least one of; a database located on a server accessible to the one or more computing devices;
orcomputer systems of one or more third-party providers; wherein the information required by the algorithms and collected by the one or more computing devices includes (a) amount of time to complete the fund transfer using each holding account of the plurality of holding accounts, (b) geographic location associated with each holding account of the plurality of holding accounts, or both (a) and (b); employing the algorithms, contained in the software system executing on the one or more computing devices, to determine an optimal holding account from among the plurality of holding accounts; in response to determining the optimal holding account, automatically selecting, using the one or more computing devices, the optimal holding account to be a target holding account to service the fund transfer request; and transferring, using the one or more computing devices, the predetermined amount of currency associated with the fund transfer request, from the target holding account to the receiver financial account. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. One or more non-transitory computer-readable media storing instructions which, when executed by one or more computing devices, cause performance of a method for transferring funds from a sender to a receiver, performed on one or more computing devices, the method comprising:
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receiving, using the one or more computing devices, a fund transfer request from the sender requesting a fund transfer that transfers a predetermined amount of funds from the sender to the receiver; identifying, using the one or more computing devices, a sender financial account associated with the sender, wherein the sender financial account is associated with a plurality of holding accounts, wherein the plurality of holding accounts are associated with a plurality of financial institutions, wherein every holding account of the plurality of holding accounts is capable of performing the fund transfer; identifying, using the one or more computing devices, a receiver financial account associated with the receiver, wherein the receiver financial account is associated with a receiver financial institution; based on information obtained from the sender, the one or more computing devices collecting, from one or more sources other than the sender, information required by algorithms, contained in a software system executing on the one or more computing devices, to determine an optimal holding account from among the plurality of holding accounts; wherein the one or more sources include at least one of; a database located on a server accessible to the one or more computing devices;
orcomputer systems of one or more third-party providers; wherein the information required by the algorithms and collected by the one or more computing devices includes (a) amount of time to complete the fund transfer using each holding account of the plurality of holding accounts, (b) geographic location associated with each holding account of the plurality of holding accounts, or both (a) and (b); employing the algorithms, contained in the software system executing on the one or more computing devices, to determine an optimal holding account from among the plurality of holding accounts; in response to determining the optimal holding account, automatically selecting, using the one or more computing devices, the optimal holding account to be a target holding account to service the fund transfer request; and transferring, using the one or more computing devices, the predetermined amount of currency associated with the fund transfer request, from the target holding account to the receiver financial account. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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Specification